What do you think is the reason why not more institutional owners of RKT sell their RKT shares and "switch to COOP" instead, because at the moment they would get more RKT shares back for each COOP share than they currently have? Don't they want to drive the RKT PPS down? Do they wait until the closing date of the acquisition approaches? Do they hold their RKT shares and buy more COOP to average down their RKT PPS?
I still think it has a lot to do with the fact that neither of these two companies are "popular" stocks. Most people like to stay with the companies that everyone else is in.
If you go over to the RKT board, you'll see nobody posts there.
If you were to remove the posters on this board who are here only to rehash WMIH grievances, there would only be a few people left.
I think the two companies and the parties that control them are happy with it like that.